The latest news from the world of Alternative Finance and FinTech world
In the news this week
P2P lenders have insisted this week that the Innovative Finance ISA (IFISA) will prove more popular this year, despite a sluggish start in the previous tax year. Speaking of the IFISA, P2P administrator Goji, has said it is in talks with a number of firms outside of the P2P sector looking to target the IFISA. Elsewhere, Neil Woodford has put an extra £4m into equity crowdfunding platform, Seedrs, while Assetz Capital are the latest to get full FCA authorisation.
P2P lenders insist ISA take-up will increase
P2P lenders have said the Innovative Finance ISA will prove much more popular this year as more providers enter the market. Figures published by HM Revenue & Customs revealed only 2,000 of this type of Isa had been opened in 2016 to 2017.(FT Adviser)
Non-P2P firms target IFISA market .
Several firms outside of the P2P lending sector are looking to enter the Innovative Finance ISA space. P2P administrator Goji says it is in talks with existing financial product providers such as venture capital trusts and enterprise investment schemes. (P2P Finance News).
EY launches new blockchain platform for marine insurance
EY and Guardtime announce the world’s first blockchain platform for the marine insurance sector. The platform launches in collaboration with A.P. Møller-Maersk A/S, ACORD, Microsoft, MS Amlin, Willis Towers Watson and XL Catlin and after a 20-week proof of concept. (Finextra)
Abundance dominates P2P ISA market
Abundance was the UK’s largest provider of Innovative Finance ISAs during the last tax year. The company claimed to have sold 1,436 innovative finance ISAs, representing £10.5m of investment. (FT Adviser)
Woodford invests fresh £4m into crowdfunding platform
Neil Woodford has backed online crowdfunding platform Seedrs with an extra £4m investment during its latest fundraising round. The fresh investment follows an earlier injection of £6m into the online firm in 2015, taking Woodford’s total investment to £10m. (Portfolio Adviser)